Renewable energy and energy storage developer Octopus Australia has completed financial close and started construction on its 80MW Fulham solar-plus-storage project in Victoria, Australia.
The project has been supported by the state government’s second Victorian Renewable Energy Target auction (VRET2) and is valued at over AU$300 million (US$185 million).
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Equity capital contributions from key investors, including Rest, the Clean Energy Finance Corporation (CEFC), and clients of Westpac Private Bank, through Octopus’ managed funds, have supported the project.
The project plans to incorporate a 64MW/128MWh DC-coupled utility-scale battery energy storage system (BESS).
DC-coupled batteries offer varying bonuses in comparison to AC. For instance, DC coupling allows solar generation to flow directly to the battery via a DC/DC converter, minimising energy conversion losses and maximising the use of available solar energy. This can increase the economics of a battery system while also improving grid stability.
Wärtsilä also confirmed the battery system will utilise a digital energy management and controls platform, GEMs, which has been deployed at numerous utility-scale BESS projects in Australia, such as Amp Energy’s 150MW/300MWh 2-hour duration Bungama BESS in South Australia. It will also be deployed at varying stages of the 2.8GWh Eraring BESS project in New South Wales.
Rest’s interim co-chief investment officer, Simon Esposito, noted that its members will benefit from the “attractive risk-adjusted return prospects of the Fulham Solar Farm and Battery project, as well as from having additional renewable energy assets in their communities.”
GRS, a part of Gransolar Group, has been appointed the Engineering, Procurement and Construction (EPC) contractor.
This article first appeared on our sister site, Energy-Storage.news. Click here to read the full article.
